The used car market draws heavily from rental car fleets, which companies quickly sold off when the pandemic began. But there weren't nearly enough available. With people avoiding air travel, subways or even carpools, shoppers bought up every car they could find. Used car prices were one of the first signs of inflation, driven by a mismatch between supply and demand. To break it down, here are six items that have been through the ups and downs of pandemic-era inflation. (Fortunately, many Americans are also in better financial shape than before the pandemic, helped by historic stimulus efforts and rising wages.) More recently, rent has driven overall inflation, as the housing market remains dogged by a major shortage of available homes. Last year, Russia's invasion of Ukraine roiled global energy markets, sending prices on gas and utilities soaring. Goods inflation surged in 2021 as supply chains struggled to keep up with sudden demand for all the things people bought while staying at home. Subscribe to The Post Most newsletter for the most important and interesting stories from The Washington Post. But even if prices aren't going up as rapidly as they were, a gallon of milk or a new house will cost a lot more than it did not that long ago. Policymakers are fighting to keep prices from rising too fast. That has helped lower the pressure on American households and businesses straining to meet the rising costs of groceries, cars, plane tickets, office equipment and everything in between.īut falling inflation doesn't mean prices are returning to pre-pandemic levels. After spiking to the highest level in 40 years, inflation has eased significantly.
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